Price Analysis: The Bulls Are Getting Ready to take over XRP Market

Price Analysis: The Bulls Are Getting Ready to take over XRP Market
Cloudbet

XRP/USD Medium-term Trend: Bearish

Resistance Levels: $0.47, $0.49, $ 0.51

Support Levels: $0.43, $0.40, $0.38

Yesterday, XRP price reached the high of $0.51 price level before the bears interrupted the risen of XRP price. The bears’ pressure was noted with the formation of bearish pin bar formed on the resistance level of $0.51, which pushed down XRP price below the support level of $0.47 and the bulls rejected further decrease of XRP price.

XRP price bars are below 21-day EMA and 50-day EMA which indicates that price is likely to fall targeting $0.43 as its low. Moreover, the Stochastic Oscillator is below 60 levels with its signal lines pointing to the south which is the sell signal.

XRP/USD Short-term Trend: Bearish

XRP/USD is bearish on the 1-Hour chart. The bulls lost control yesterday as the bears came into the XRP market with high pressure and the coin was pushed down to the support level of $0.47. The bulls are pulling back the XRP price to retest the broken level of $0.5 as this is one of the characteristics of downtrend movement.

The 21-day EMA has crossed 50-day EMA downside with the cryptocurrency below the two EMAs indicates a bearish trend. However, the Stochastic Oscillator period 14 is at 40 levels with its signal lines point upside which indicates buy signal which may be a pullback.

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